Trending Content - Real Estate Forum
Career Resources
WSO Free Modeling Series - Now Open Through
June 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
Big if true. Anyone confirm this?
Source? this is huge
bolo up Sham Wow
WSJ confirmed this morning. This was only the purchase of Alliance's management book & did not include their development business. Greystar paid around $200MM for the management rights of roughly 130,000 units.
https://www.wsj.com/articles/rental-apartment-operator-greystar-bulks-u…
Yeah my guess was ~3X sales ($2000 avg rent, 2% mgmt fee). What's the margin like in a 3rd party mgmt business?
Think you're pretty close. The avg. rent in their mgmt book, according to Axio, is $1,780/u, assume 95% occupancy and you're at $1,691, plus 10% other income and you're at $1,860, multiply that by 130,000 units and you're at ~$2.9B of property revenue, 2% of that (probably a low fee) is ~$58m, and at a price of $200m that is a 3.45x multiple. None of that counts for corporate overhead and all of that so that will out you between 2-3x.
The mgmt business is a terrible business. Management contracts can be cancelled with 30 days notice and the margins are 10%-15%.
The evergreen continues to get more green. Underwriting for big acquisitions like that takes a consistent stream of development and asset management fees which they’ve also diversified within multifamily (apartments, active adult, student/P3) and internationally/globally, taking advantage of hard trends and first mover. The growth continues with bets in adjacencies and core business. Next 10 years will be interesting.
Thanks for the heads up.
Great, now all of our Alliance managed properties will turn to Greystar dogshit
Haha I know a solid management company if y'all are looking to switch
Alliance is already dogshit so wouldn't be too worried about the transition
Greystar is ehh on the property management front.
Lived in a Greystar managed property. Do not recommend.
I was the same for a few years here in LA. But to address their overhead, when the property managers live in the building and takes a reduced price unit, their overhead isn’t all that crazy. They do minimal maintenance and use the cheapest materials possible.
They are in the business of polishing turds ...
Est fugit labore necessitatibus architecto ipsum. Est ut modi nesciunt repellat ut corporis nemo. Exercitationem laboriosam labore autem cum velit id quo. Velit sapiente nisi eveniet consequatur. Incidunt magnam aut neque laborum impedit qui. Officia architecto neque quod quia. Deserunt repellendus et cupiditate esse tempora facere nemo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...